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hasn't worked itself out. there is still a business re-up cycle. and finally energy. i think energy, whether it is big or small, is attractive at this point in time. the u.s. is fighting to have more available energy than we ever thought we had in the last 30 or 40 years. and i think that industry, as it develops, will be profitable for the people in it. >> tom: a little bit of optimism from the desk of wells fargo. john manley with wells fargo funds. >> susie: good news on gas prices: they're falling after spiking because of hurricane sandy. that's welcome relief to many drivers, but it still costs more to fill up your tank now compared to a year ago. erika miller reports from one of the most expensive cities to fill 'er up. >> reporter: here in new york city, the long lines and gas rationing are finally gone, but there's more good news. like the rest of the nation, gas is actually cheaper now than before superstorm sandy. a month ago, superstorm sandy shut down refineries in the northeast, delayed oil shipments and left many gasoline stations without power. in some hard hit areas,
that getting into the energy business doesn't mean the company is turning its back on mining. under the deal, freeport will pay $6.9 billion for plains exploration and production and $2.1 billion for mcmoran exploration, a sister company it was separated from a couple of decades ago. the deal would also leave freeport with $20 billion of debt. freeport executives say getting into oil and natural gas would help diversify the company and keep more of its assets in north america, where there's a huge shale gas boom. they estimate by next year freeport will derive a little more than a quarter of its profits from energy and the rest from mining, versus 100% from mining today. the company says it thinks demand for commodities, especially energy, will continue to grow. that could help offset the increased difficulty mining companies are having trying to find new projects in regions outside the u.s. and with interest rates currently at historic lows, the timing was right to ink the two deals. diane eastabrook, "n.b.r.," chicago. >> tom: daniel rohr is a metals and mining analyst from morningstar and
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